There are two kinds of damages you can receive after an accident: Economic damages are financial losses you can calculate, like medical bills, car repairs, or lost wages. Non-economic damages are intangible losses, such as pain, emotional distress, and changes in life quality. Both types compensate for different aspects of harm after an accident.
Las Vegas is the largest city in Nevada. It is famous worldwide for its vibrant entertainment, casinos, luxury hotels, and nightlife, with a population of over 2 million, and is a major tourist destination. The people who are involved in an accident in Las Vegas seek fair compensation through understanding the kinds of damages.
Las Vegas law firm Valiente Mott Injury Attorneys says that they work and support everyone who’s been hurt, whether it’s a car crash, a truck accident, or even a defective product that causes injury. They helped people who were offered nothing at first and ended up getting millions. And they are confident that they can help you get results that would impress you, too.
What Are Economic Damages?
When someone talks about economic damages, they’re basically talking about the money side of things, i.e., the stuff you can put a price tag on. Some of the most common ones seen are:
- Medical bills (everything from the ER visit to follow-up doctor appointments)
- Lost wages if you had to miss work.
- Future earnings if your injuries make it harder to work like you used to.
- Property damage to your car or even personal items was caused in the crash.
- Rehab or therapy costs to help you recover.
- Other out-of-pocket expenses tied to the accident.
What Are Non-Economic Damages?
Now, non-economic damages are a little different. These aren’t about money you spent or bills you can wave around. They’re about the way the accident made your life harder. That includes the pain you feel, the stress you carry, and even how your day-to-day life just isn’t the same anymore.
Here are some examples:
- Pain and suffering from your injuries.
- Emotional distress, like anxiety, depression, or nightmares.
- Loss of enjoyment of life; maybe you can’t play your favorite sport anymore or even just enjoy hanging out the way you used to.
- Loss of companionship if your relationships take a hit because of your injuries.
- Permanent scars or disabilities that stick with you long-term.
These damages are harder to prove because there’s no bill or receipt. But they are just as important as economic damages. Lawyers often use doctors’ notes, therapists’ notes, and even testimony from family and friends to show how much someone suffered.
How to Calculate Economic and Non-Economic Damages
Economic damages are straightforward and easier to calculate, too. Just add up all the bills and lost wages and every other thing with a fixed amount. Lawyers also try to estimate future costs if someone will need ongoing care.
Non-economic damages are trickier. Courts and lawyers usually use something called the multiplier method or the per diem method. The multiplier method means lawyers take all the economic damages and multiply them by a number that shows how bad the injury was.
For example, if medical bills and lost wages total $50,000 and the multiplier is 3 because the injury is bad, then the non-economic damages would be $150,000. The per diem method is like giving a daily amount for every day someone suffers.
Key Takeaways
- Economic damages cover money you spent or lost, like bills, lost wages, and property damage.
- Non-economic damages cover pain, suffering, emotional distress, and loss of life enjoyment.
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